What is a Sale and Purchase Agreement?
The agreement should include the following:
- Names(s) of the buyer and seller
- Property’s address and type of title
- Any chattels to be sold with the property (for example, drapes, white ware, light fittings and fixed floor coverings)
- Rate of interest for late settlement
- Deposit amount
- Any buyer conditions
- Date when the agreement becomes unconditional
- Settlement date
Why do we need a lawyer to review the Sale and Purchase Agreement?
What is a Title search?
What is a LIM (Land Information Memorandum)?
Many Sale and Purchase Agreements have a clause relating to a LIM so your lawyer can consider the LIM before the agreement goes unconditional.
Do I need a building or engineering inspection/report?
- Interior – services
- Exterior – roof, roof space and sub floor
- Site – potential for flooding, drainage, site conditions (retaining walls, etc.), run-off from adjacent ground
- Other buildings on the title
For apartments, the inspector will generally only inspect the interior and balcony, if there is one.
What is a Code of Compliance?
An owner of a property owner must apply for a CCC once all the work has been completed and inspected.
What is a valuation report and why do I need it?
A valuation generally involves a registered valuer visiting the property to assess the market worth of the house. They will conduct a full inspection of the property and also look at the property’s title, council zoning maps and other comparable property sales.
What is a unit title?
What is a cross lease?
What inspections do we need to conduct on a property before we purchase it?
- A building inspection
- An engineers’ inspection
- A valuation
- Any other professional advisors – this could include a company that does moisture readings
What are the different types of property ownership?
A property can be bought in:
- Sole ownership – one person owns the property
- Co-ownership – more than one person owns the property. These types of ownerships can be in ‘tenants in common’ or ‘joint tenants’.
Tenants in common have a share of the property. This can be equal shares or differing shares. If a tenant in common dies, the share needs to be dealt with by Will. (Julz – cross link to Wills).
Joint tenants own an equal share of the property. If a joint tenant dies, the share is passed to the other tenant (they will become the sole owner).
Mike Newdick - Residential property specialist
Mike Newdick has enjoyed a successful career with Turner Hopkins since his graduation from Auckland University and admission to the Bar in 1986.
Becoming a partner in 1994, he practices in most areas of law, including commercial and contract matters, finance, property development, sale and purchase, company restructuring and creditor protection, trust and estate work.
Mike is a North Shore resident and actively involved in a number of local community activities, including being an established personality in the surfing world.
“Although Turner Hopkins is seen as a medium size law firm, we pride ourselves on being able to deliver a complete range of professional services.”